The S&P BSE Sensex ended up 16.86 points, or +0.06 per cent, at 27,714.37 today and the Nifty settled 6.25 points higher, or +0.07 per cent, at 8,551.10 today. In the broader markets, the BSE Midcap and Smallcap indices ended up +0.4% each. Market breadth ended strong with 1436 gainers and 1264 losers on the BSE.

Markets trimmed early gains to end flat on concerns that implementation of the landmark GST Bill which is seen as a game changer for the economy will be challenging and near term growth could take a backseat. The euphoria over the GST got over in the stock market within minutes of trading today. The BSE Sensex was trading marginally higher after surging 200 points in early trade, leaving some traders wondering what really went wrong.

The Nifty formed a 'Hammer' pattern in the daily charts today as the index traded significantly lower than opening price in most part of the trading day but managed to recoup losses and closed near its opening level. A 'Hammer' candle indicates that the bulls came to the rescue at lower levels and managed to push the index higher, but the absence of followup buying kept the market under pressure.

In the immediate short term, Nifty50 is likely to show strength once it closes above the 8,635 level. However, on the downside, a close below the 8,475 level could trigger a correction in the market, which could take the Nifty50 towards its next target at 8,330.